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VAT Act: date of supply calculator - Download

From 1st July 2015 – due to legal harmonisation – the rules of the VAT Act for the the periodically settled transactions (Paragraphs 58-58/A. §§) will be changed again. The Act of Amendment introduces this change in two steps:

From 1st July 2015, the new rules shall be applied only to taxpayers providing periodically settled accounting, audit and tax consulting services, but after 1st January 2016 these rules shall be applied to all periodically settled transactions.

According to the new regulation, the date of supply concerning periodically settled transactions will change depending upon the date of invoice and the due date of the payment:

Based on the general rule the date of supply will be the last day of the settlement period. However, if both the due date and the invoice date are before the last day of the settlement period, the date of supply of the transaction shall be the invoice date.

If the due date is after the last day of the settlement period then this further complicates the situation: the date of supply shall be the due or the 30th day following the last day of the settlement period, whichever comes first.

Besides the complexity of this situation, it may also cause several additional administrative problems: namely the invoicing (Enterprise Resource Planning) systems shall be modified, and the prepayment managing processes may change as well, because the new regulation may result in more cases when issuing a prepayment invoice becomes necessary.

For the better understanding of the new regulation, the proper testing of the invoicing and ERP systems, and for the correct determination of the date of supply, we have prepared a calculator, which takes into consideration the new regulation and - after providing the appropriate date information - is able to determine the date of supply, and even to notify the user if prepayment managing process may become necessary.